The Financial Environment and Investment Course Video Course

Curriculum For This Course

• 1. The ascendance of investment banking services 5 Videos 00:16:14
  • The importance of history, name, tradition, and reputation 02:28
  • Early origins of investment banking services 05:55
  • What is the difference between commercial and investment banking? 02:15
  • Why do universal banks have a competitive advantage? 03:26
  • Intrinsic conflicts of interest and the role of Chinese walls 02:06
• 2. The four main areas of investment banking activity 4 Videos 00:22:27
  • Capital Markets - raising equity and debt capital 07:20
  • Advisory - M&A and Restructuring services 07:55
  • Trading and Brokerage - trading with financial securities 03:11
  • Asset Management - the ability to use money to make more money 04:03
• 3. Capital Markets – Equity Capital Markets 7 Videos 00:20:06
  • Why would a company want to go public? 02:25
  • Who are the investors in an IPO? 03:05
  • Coming up with a share price 03:49
  • What does an IPO timetable look like? 03:52
  • The IPO syndicate - members and responsibilities 03:09
  • Allocating shares to investors - who gets what 01:48
  • Other ways to place equity capital - SEOs and Private Placements 01:32
• 4. Capital Markets – Debt Capital Markets 5 Videos 00:16:23
  • The four different types of bonds 02:41
  • Why issue a bond? 03:52
  • The mechanics of a bond offering. Process description 03:58
  • What is securitization and why can it be useful? 03:21
  • Loan Syndication - a preferred instrument for most banks nowadays 02:33
• 5. Advisory Services – Mergers and Acquisitions 7 Videos 00:22:49
  • Why acquire another company? 05:34
  • Describing the typical deal lifecycles and buyer companies 03:16
  • The three types of M&A processes 02:51
  • A detailed description of an M&A process 00:39
  • Valuation of target companies 03:59
  • Payment options in M&A deals 04:10
  • Financial vs. Corporate Buyers 02:23
• 6. Advisory Services – Restructuring 2 Videos 00:06:60
  • Restructuring services - why and when 02:10
  • The different types of Restructuring 04:51
• 7. Trading and Brokerage 2 Videos 00:07:24
  • How investment banks profit from Trading and Brokerage 03:07
  • The different types of financial securities traded by investment banks 04:17
• 8. Asset Management 2 Videos 00:04:30
  • Why hire Investment banks as asset managers? 01:32
  • A risk-return comparison of different investments 02:58
• 9. A step-by-step guide to Company Valuation 11 Videos 00:28:41
  • Why value a company? 01:37
  • How much is a company worth for an investor? 03:13
  • The two variables that drive a firm's value 01:57
  • The mechanism of Unlevered Cash Flow Calculation 04:33
  • Introducing a discount factor - Weighted Average Cost of Capital 03:58
  • Calculating a firm's cost of debt 00:55
  • Calculating a firm's cost of equity 04:41
  • Estimating a company's future cash flows 02:32
  • The two stages of a DCF model 02:24
  • Discounting cash flows and terminal value 01:44
  • Calculating Enterprise and Equity value 01:10
• 10. Financial Modeling fundamentals 11 Videos 00:41:24
  • What is a Financial model? 02:02
  • Why use a Financial model? 02:35
  • Inefficient financial modeling practices 05:49
  • Efficient financial modeling practices 04:58
  • Different types of financial models we can build 04:42
  • The right level of detail we should use when building a 5 or 10-year model 02:35
  • The right way to approach the forecasting exercise 02:51
  • Building complete financial models 02:15
  • Forecasting P&L items 05:58
  • Forecasting Balance sheet items (1/2) 02:35
  • Forecasting Balance sheet items (2/2) 05:08
• 11. DCF Valuation - Introduction 3 Videos 00:10:17
  • The stages of a complete DCF Valuation 06:16
  • Let's go through the structure of the DCF model we will create in Excel 02:53
  • A glimpse at the company we are valuing - Cheeseco 01:09
• 12. DCF Valuation - Forecasting of key P&L items 5 Videos 00:14:38
  • Modeling the top line 03:39
  • This Is how you can build flexible financial models in Excel 02:12
  • Modeling other items: Other revenues and Cogs 03:46
  • Modeling other items: Operating expenses and D&A 02:33
  • Modeling Other Items: Interest expenses, Extraordinary items and Taxes 02:28
• 13. DCF Valuation - Forecasting of key Balance Sheet items 4 Videos 00:07:03
  • How to forecast Balance Sheet items - The practical and easy to understand way 00:43
  • Learn how to calculate "Days" 01:30
  • How to use "Days" to project the future development of BS items 02:23
  • Forecasting Property Plant & Equipment, Other assets and Other liabilities 02:27
• 14. DCF Valuation - Creating clean output sheets 4 Videos 00:10:20
  • Excel best practices! Create a good-looking and clean output sheet in your model 02:36
  • Applying what we learned in practice - Populating the P&L sheet 02:14
  • This is how you can create a clean output Balance Sheet in your Financial Model 01:49
  • Completing the output BS sheet for the historical period 03:41
• 15. DCF Valuation - Calculating Unlevered Cash Flows and Net Cash Flow 5 Videos 00:18:49
  • Learn how to calculate Unlevered Free Cash Flows 03:05
  • Important! Reconcile UFCF to Net Cash Flow 01:55
  • A very useful lesson! Cash flow calculation 06:01
  • Arriving to actual Net Cash Flow figures and performing a check with Cash 03:56
  • The fast and effective way to modify multiple cell references in Excel 03:52
• 16. DCF Valuation - Calculating Present Value of Cash Flows in the forecast period 2 Videos 00:04:46
  • Introducing Weighted Average Cost of Capital (WACC) and perpetuity growth rate 01:56
  • Learn how to find the present value of future Cash Flows in Financial Models 02:50
• 17. DCF Valuation - Calculating Continuing Value,Enterprise Value and Equity Value 2 Videos 00:03:38
  • Calculating Continuing Value and Enterprise value of the Business 02:17
  • Final steps! Calculating Equity Value of the business 01:22
• 18. DCF Valuation - Additional analyses accompanying the Financial Model 3 Videos 00:10:35
  • Sensitivity analysis for WACC and perpetuity growth 04:17
  • An application of Goal Seek 01:40
  • Recap of the Financial Model with charts and hypothesis testing 04:38
• 19. Relative valuation – triangulating DCF results with multiples 5 Videos 00:13:41
  • Why do we use multiples? 03:51
  • What types of multiples are there? 02:38
  • Finding the right comparable companies 01:43
  • The most widely used multiples 03:11
  • Best practices that ensure accurate calculation of multiples 02:02
• 20. A guide to Leveraged Buyouts 5 Videos 00:15:03
  • What is an LBO? 02:05
  • The phases of an LBO process 01:44
  • When is an LBO a feasible option? 03:23
  • Making money in an LBO 03:53
  • Who are the lenders in an LBO? 03:58
• 21. LBO Valuation - Building a Leveraged Buyout model from scratch 9 Videos 00:36:38
  • Introduction to the model we will build 05:04
  • Establishing the maximum amount of debt that can be used in the transaction 04:16
  • Financial sponsors' perspective 02:25
  • Forecasting financials until EBIT 05:17
  • The optimal debt structure 02:59
  • Estimating cash flows and debt payments 03:15
  • Completing the model for the period 2018-2021 04:17
  • Calculating Enterprise Value and IRR 05:01
  • Performing sensitivity analysis 04:02